Some of the majority shareholders of FBN Holdings Plc are said to be joining forces to fight off Oba Otudeko from reclaiming control of the bank holding company.
Reports reaching Nairametrics suggest the decision to join forces against Oba Otudeko is in response to the declaration of a 13.3% stake in the bank.
The shareholders are reported to be concerned about the consequences of having Oba Otedeko back in control of the bank in any capacity, following the debacle he had with the central bank two years ago.
Nairametrics first reported the over four billion share transfer on Thursday and also first broke the news that the acquirer was Barbican Capital, a company owned by Children of Oba Otudeko.
Oba Otudeko troubles: Recall, in April 2021, the central bank removed Oba Otudeko as chairman and sacked the board of the bank.
Otudeko’s forced exit from the bank paved the way for other shareholders such as Otedola and Odukale to cement their stake in the bank with all major shareholders appointing directors on the board of the bank and the holding company.
We also understand more shares have been acquired by some of the shareholders in recent weeks culminating in the share price doubling in just about one month.
Shareholders join forces: One source indicates a meeting was held earlier on Friday by some of the shareholders to decide on how to take on Oba Otudeko, as they fear his return “might damage the progress” made by the bank over the last two years.
CBN angle: The central bank is also understood to be watching proceedings and will likely make a statement soon as things unfold.
Emefiele has accused insiders of taking loans and exerting control over the directors o the bank, thus breaching prudential guidelines.
Other Considerations: Another source however suggested that Otudeko may be in a better position than he was two years ago as the Honeywell deal with Flourmills has helped him repay most of the loans putting him in a financial position to fight back.
Credit:Nairametrics.
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